The study uses a regression analysis to conclude that premiums are paid for PV homes at a rate of $5,911 per kW in size–larger systems command higher premiums. They additionally find that premiums decrease by $2,411 for each year of system age–older systems provide smaller premiums.

According to the U.S. Energy Information Administration’s January 2014 report, the average retail price of electricity for residential customers in California was 16.4 cents per Kilowatthour in November 2013. At the same time, Hawaii’s average residential rate was 37.0 cents per Kilowatthour. More than double the rate!

While an appraiser would need to investigate the local Hawaii market to test sensitivity, it seems logical that the Hawaii market might command even higher premiums for its installed PV base.